Business Times

SLT Group records Rs. 50 bln revenue, Rs. 5.96 bln pre-tax profit

Sri Lanka Telecom (SLT) said this week that the group’s pre-tax profit (PBT) was Rs 5.96 billion in 2010 with a sharp year-on-year (YoY) growth of 327% while post-tax profits (PAP) was Rs 3.94 billion.
“The impressive financial results were mainly driven by the improved performance delivered by SLT, the parent company of the group and exceptional performance by Mobitel, its mobile arm,” the statement said.

Commenting on the 2010 results, SLT Group Chairman Nimal Welgama said that the Rs 50.25 billion revenue of the group is a landmark in the telecommunication and corporate annals of Sri Lanka. “We are firmly positioned now as the first Sri Lankan company to achieve this record which provides considerable boost to our bottom line and is reflective of our prudent cost management initiatives and focus on subsidiary profitability.

Given the strategic focus we have instituted in all our areas of business and the emphasis we have constantly infused in ensuring that our end objectives and targets are met or exceeded, it is indeed noteworthy that we have implemented the necessary foundations and strategies to drive substantial growth and profits,” he said. Group free cash flow showed an increased from a negative Rs. 2 billion in 2009 to Rs. 8.8 billion in 2010. Comparatively low capital expenditure and better performance overall, saw an improvement in cash flows.

He reiterated that the group while having established a pragmatic framework to ensure consistent growth in all its KPIs, has been insistent in infusing a more visionary outlook and an attitudinal change which naturally contributed positively, both quantitatively and qualitatively. “Having already commenced our Transformation Programme that has established changes across numerous areas including, customer centricity, innovation and an overarching emphasis on prudent cost management remain very high on our agenda,” he said.

The group has laid the foundations to transform its traditional network to a Next Generation Network, investing considerably in infrastructure, technology, training and development. It has passed the 200,000 fixed line broad band customer mark achieving a growth of 36% and a customer increase of 57,000 YoY, having a total of 1.4 million fixed lines and over four million mobile customers.

Mobitel recovered from a dip in profits in 2009, with PBT of Rs 1.94 billion and a PAT of Rs 1.51 billion in 2010 compared to losses of Rs. 219 million and Rs.395 million, respectively in 2009. Mobitel crossed the four million customer mark in 2010 despite an intensely competitive market.

Mr Welgama pointed out that the group is striving to create a conducive environment for sustained and consistent organizational growth, instituting the principals of best practice, governance, prudent risk management, emphasis on ethics, professionalism, transparency, accountability and sincerity of action into its everyday workings.

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